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Here's how to decide whether or not you should pursue your startup idea


Here's how to decide whether or not you should pursue your startup idea
Yoav Vilner, Entrepreneur
Jul. 7, 2016, 11:24 PM

Itís tough being an entrepreneur. Sometimes weíre struck with brilliant startup and product ideas during romantic dinners and sometimes the brilliant idea we scribbled on our girlfriendís napkin isnít so brilliant after all.

If youíre an entrepreneur, you probably think of dozens of near-excellent ideas daily - in the shower, in the car, in the office -- constantly wondering if someoneís already developed an app for your very unique idea.

If someone didnít, itís probably not long before your excitement gets the best of you, and you find yourself already drafting your next startupís mission statement in your head. But in a few months, you might stop and realize that you rushed into a startup that doesnít have an explicit market need.

Unfortunately, this happens a bit too often. Or, to be exact, it happens 42 percent of the time. In this post, you'll learn four ways to test your startup idea before you ask your brother-in-law for that loan.

1. Check out the competition.

2. Conduct market research.

3. Try Google AdWords.

Today, we have everything at our fingertips: taxi cabs, movie tickets and of course, potential consumers. Thereís a huge community out there, and itíd be a shame not to use the Internet to your advantage.

First, find $100.

Second, draft a few ads. Type out a few key features and the pain points your startup solves.

Third, link it to a landing page, mentioning that your product is launching within the next few months. Be sure to provide a space for them to leave their email address so if theyíre interested, you can contact them once youíve finally launched.

4. Test your product.

If you want solid market validation, obtaining a proof of concept is probably the best thing you can do. The results of a proof of concept will tell you whether or not itís prudent to continue pursuing your startup idea. Startups looking to acquire a proof of concept will find itís not always easy to find an enterprise willing to invest in the proof of concept acquisition process since itís been known to be a complicated and sometimes risky process. However, finding pilot opportunities means companies can test new products and technologies that will turn into solutions for their expanding innovation efforts.

The process of testing a proof of concept, in turn, helps startups connect to enterprises to examine how well their product or service actually serves the enterprise. If you're in this stage, then you may want to check out Proov, a Pilot-as-a-Service marketplace.

If you're still not sure about your startup idea, then maybe your idea isn't meant to be brought to life. I'm all about following your passion, but if all of the above phases returned negative results, it may just be more logical to move on to your next brilliant idea.


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